Capital One Shocker

I was shocked at what Capital One did to my account. They actually raised the limit.

They started me at $200 in November 1999, raised me to $400 by June 2000, and then denied me any increase for nearly a year, even though I asked. Then in May 2001, I sent them a $125 payment instead of my normal $10 or $15. Within six days, they had raised my limit by $500, to $900.

This confirms what I have stated before, that Capital One is very sensitive to the size of your payments. Pay a lot, and you're more likely to get a limit increase. I had always paid on time, but never very much. One big payment plus a good record was enough to make their computer alter its infallible opinion as to my creditworthiness.

The really funny thing is that I used a convenience check from another subprime card to make the $125 payment. Capital One is a totally clueless organization.

Frankly, I wouldn't have accepted the Capital One Visa if I had known all the other cards for which I would soon qualify. But Capital One got to me first, and gave me another open account which may have prompted some of the subsequent offers.

I've recently ignored two offers for the Capital One Visa Gold, minimum credit limit $300. I try not to repeat poor decisions, and have a fairly good memory of how much shoddy treatment that little toy Visa from Capital One has brought me.

I had the marble card for six years and maintained an excellent account history. When I dumped the card, it had a 5K credit limit at 20% secured by a 2K deposit earning a big 2% return. During my last year, I ran the balance up to 5K and paid it down to -0- in four months hoping to spur some action to sweeten the terms and increase the credit line. When that didn't work, I notified them by phone and in writing to close the account. They closed it in August, 2000 and sent me a check for the security funds. In October, I received an offer for a $500 line increase on the closed account but to get it, I would have to deposit $99 into the security funds account which they acted like I still had. I didn't respond to this insult.

Seems that one or two years should be enough time for them to decide to drop the security funds requirement altogether but the secured card department just wouldn't do it.

Since closing the account, I continue to receive statements each month showing -0- owing and -0- available credit. I've called them 5 times to stop sending them and each time they say they will take care of it. The account still reports as open even though they told me in writing in December that it is being reported as closed.

While Cap.1 was refusing to unsecure my account and requiring additional security to increase the credit line, I got approvals for several new cards --all prime--with great rates, high limits, and valuable benefits.

Being a Cap.1 cardholder was alot like being trapped at the bottom of a well. I am happy that I no longer deal with these morons.

Pay alot and you'll get an increase? I don't think so. I've had my Capital One card for a year now. It was opened with a $99 security deposit, $500 limit and 19.8% APR. Every month I charge between $250-300 and every month I pay it off in full. Wow, in May I got a whopping $200 increase. Wow. Thanks! I wrote to Mr. Miller to get my security deposit refunded and they won't do it. So much for keeping a good credit history. I've had my Providian card for the same amount of time, a year (got both last July) and also started with them at a $500 limit. Now my limit is almost $5000, my annual fee of $89 is no more (EVER!) and my APR is 16%. So much for Capital One.

I don't have a Cap1 card anymore but my wife does. She has found them to be very easy to deal with. She opened a Gold acct. in Oct. 2000. They initially sent it with a $300 limit. The day she received it she called the 800 number and spoke with a lady there about the limit, they immediately bumped it up to $800. Then last month she called again and they bumped it up to $2000. Plus, Mr. Miller modified an old Charge-off she had with them to report as "R1 - Paid in full - Never late". So, overall she is very happy with them. Just my $.02.